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Kazakhstan and World Bank sign agreement on cooperation strengthening

Kazakh Government and the World Bank Group signed a framework agreement on strengthening of cooperation, Kazakh presidency reported on May 1.

The agreement is aimed at Kazakhstan's sustainable development and growth.
Before the signing procedure the Kazakh President discussed cooperation with the World Bank's representatives.
"In all the years of its independence Kazakhstan has cooperated with the World Bank, which has become a very important partner," President Nursultan Nazarbayev said at the meeting with World Bank's Vice President Laura Tak, Executive Vice President of the Multilateral Investment Guarantee Agency Keiko Honda and Vice-president of the International Finance Corporation Karin Finkelston.
The World Bank's investment portfolio in Kazakhstan includes 10 projects with a total commitment of $3.6 billion. Some $1.5 billion of this sum has been invested.

The president thanked the bank for its response to Kazakhstan's new proposal on further cooperation.

Nursultan Nazarbayev reminded attendees that Kazakh government allocates 1 trillion tenge (182.06 tenge = $1) on economic development, especially small and medium-sized businesses, as well as the implementation of the industrial program in 2014.

Given the considerable experience of the World Bank in the area of ​​efficiency and transparency Kazakhstan has decided to invite the bank to be a partner in this initiative.

"To insure the bank's cooperation, we changed our legislation, provided all the necessary preferences and favorable conditions for investment ... I hope that the work of your bank will attract other financial institutions that are also willing to work in our country," the president said.

World Bank's Vice President Tak in turn stressed that the Strategy "Kazakhstan- 2050" coincides with the work plan of the World Bank.

"We fully support the program on Kazakhstan forced development aimed at creation of the industrial economy, promotion of special policy that will support private sector, innovation and investment in these areas. We also share Kazakhstan approach that political reforms should enhance resilience to external shocks and ensure further steady economic growth. With great pleasure we are ready to continue our work together with Kazakhstan," she said.